Kern and San Luis Obispo County Real Estate Blog

SLO County October Stats

Sun, 14 Nov 2010 08:43:00 GMT

Trulia is reporting today the average price per square foot for San Luis Obispo CA was $348, a decrease of 9.4% compared to the same period last year. The median sales price for homes in San Luis Obispo CA for Aug 10 to Oct 10 was $443,250 based on 82 home sales. Compared to the same period one year ago, the median home sales price decreased 9.5%, or $46,750, and the number of home sales decreased 34.4%. There are currently 281 resale and new homes in San Luis Obispo on Trulia, including 108 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in San Luis Obispo CA was $665,212 for the week ending Nov 10, which represents a decrease of 3.6%, or $24,586, compared to the prior week.

Bakersfield's October Market Stats

Sun, 14 Nov 2010 08:39:00 GMT

Trulia is reporting the average price per square foot for Bakersfield CA was $88, an increase of 0% compared to the same period last year. The median sales price for homes in Bakersfield CA for Aug 10 to Oct 10 was $141,507 based on 3,063 home sales. Compared to the same period one year ago, the median home sales price increased 2.5%, or $3,507, and the number of home sales decreased 7.1%. There are currently 2,120 resale and new homes in Bakersfield on Trulia, as well as 6,411 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bakersfield CA was $186,432 for the week ending Nov 10, which represents a decrease of 1%, or $1,941, compared to the prior week

Talking Head Misinformation on CNBC

Tue, 26 Oct 2010 00:00:00 GMT

Reflecting on Alex Charften's appearance this morning on CNBC alongside the supposedly informed and aware Howard Glaser, former counselor to HUD Secretary Andrew Cuomo, I believe the debate exposed an unfortunate and ongoing problem of misinformation. Too often we see overreaction by talking heads lacking information about the real estate market, trends, statistics and most importantly, solutions.

There is a prevailing defeatist’s view of the market amongst outside pundits. To cite an article in The New York Times as a representation of the entire housing market is, as mentioned in the interview, anecdotal evidence. The reality is that short sales have increased 1500% in under three years. For Glaser to say that short sales will not be a part of leading our economy out of the housing crisis is to ignore the fact that educated agents are closing short sales regularly.

Short sales are a part of the solution and will continue to be, and dedicated agents who are closing these deals deserve to be commended, not ignored.

If Howard Glaser can’t find an agent who can get a short sale closed, perhaps he should simply visit www.OptionsForHomeOwners.org

Bakersfield Sept RE Stats

Sat, 16 Oct 2010 00:00:00 GMT

Trulia is reporting the average price per square foot for Bakersfield CA was $91, an increase of 4.6% compared to the same period last year. The median sales price for homes in Bakersfield CA for Jul 10 to Sep 10 was $144,500 based on 2,606 home sales. Compared to the same period one year ago, the median home sales price increased 4%, or $5,500, and the number of home sales decreased 24.5%. There are currently 2,033 resale and new homes in Bakersfield on Trulia, as well as 6,385 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bakersfield CA was $199,734 for the week ending Oct 06, which represents a decrease of 6.1%, or $13,028, compared to the prior week.

SLO Sept Real Estate Stats

Sat, 16 Oct 2010 00:00:00 GMT

Trulia is reporting the average price per square foot for San Luis Obispo CA was $382, an increase of 12% compared to the same period last year. The median sales price for homes in San Luis Obispo CA for Jul 10 to Sep 10 was $475,000 based on 87 home sales. Compared to the same period one year ago, the median home sales price increased 2.2%, or $10,000, and the number of home sales decreased 29.3%. There are currently 311 resale and new homes in San Luis Obispo on Trulia, including 1 open house, as well as 107 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in San Luis Obispo CA was $698,289 for the week ending Oct 06, which represents an increase of 0.9%, or $6,170, compared to the prior week.

Should I Buy a Home Now?

Thu, 28 Jan 2010 15:08:00 GMT

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.